Kuwait: Transfer of $8.1 Billion to the Public Authority for Social Security

The Kuwaiti Ministry of Finance announced today, Monday, that it has "begun procedures to transfer ownership of land valued at approximately 2.5 billion Kuwaiti Dinars (8.12 billion dollars) to the Public Authority for Social Security for investment." The ministry stated, "This step comes in support of retirees, by enhancing the financial and economic position of the authority and ensuring its sustainability, and reducing the actuarial deficit recorded in the authority’s budget." It added, "The procedures have begun to transfer ownership of three plots of land, with a total area of 842,000 square meters, to the Public Authority for Social Security."